Oh no! You’re In Deep

0:01 hi everybody welcome back I’m kind of
0:05 excited to share this little bit of a
0:06 story real quick we film I think we’ve
0:09 told you before we actually film at
0:11 Groundswell which is this really cool
0:13 accelerator
0:14 facility and I get to fly in from
0:16 Denver and I stay inside Disney World
0:19 and so as I was leaving to drive over
0:22 it’s about an hour and a half drive and
0:23 when I was leaving this morning it hit
0:25 me you guys for the first time like how
0:28 big of innovation Disney is I mean like
0:31 the epitome of innovation which is what
0:33 we live for so I just I’m just thrilled
0:37 that we’re part of that
0:39 I want you to know too really quick
0:42 I made Pawan switch sides
0:46 I’ve learned from our videographer that
0:48 if you’re on the edges you get really
0:50 round and wide and I swear I’m not that
0:54 round and wide but it looks good on men
0:56 so I moved
0:58 him all right you guys I really want
1:00 to get down to some business today
1:01 because
1:03 you know I love having fun on these
1:05 things but I really do want to talk
1:06 about something that we came across we
1:09 all walked in today with a story of a
1:13 client or a potential client or just an
1:16 innovator or someone that has
1:18 gotten in really deep right so they have
1:21 35 000 in the worst looking prototype in
1:24 their life I’ve had a client that’s been
1:26 in at about 130 000 with a piece of junk
1:30 you know you see it probably in
1:32 marketing yeah I talked to somebody
1:33 recently you know in over six figures
1:35 and it’s not working well you know it’s
1:37 it’s painful too right because then
1:40 you’re in deep but not in a good way
1:42 right you’re stuck you’re not where you
1:43 intend to go so and then you don’t know
1:46 how to pull out what do you do that’s
1:47 exactly it so and the reason I love this
1:50 topic is because for me this is really
1:52 personal on what we talked about from
1:54 day one is that this industry is not
1:58 linear even though I used to think so
2:00 step one step two step three step four
2:01 it is not it is not it is not
2:05 for me the thing that matters the
2:08 most and I think I probably always did
2:10 it but didn’t realize I was doing it you
2:12 have to get Market feedback you have to
2:14 know if you have to validate and
2:16 know if the product that you have is
2:18 going to drive success that’s number one
2:22 no matter what now
2:23 just to reiterate because I want to make
2:25 sure that we really grasp this concept
2:28 we do want you to be sure you can get a
2:30 patent because if you can’t you guys you
2:32 may walk you may not want to do this
2:34 anymore
2:35 number two is you want to know that
2:37 it can be prototyped and we can proof
2:39 concept but we can usually pawan can
2:43 walk you through that really quickly and
2:45 give you something to feel like yeah I
2:46 think I can do it and he’ll tell you
2:48 when he thinks it’s going to be
2:49 complicated and it needs a lot of work
2:51 but you can also say yes and then we can
2:54 work off that sell sheet to get Market
2:55 feedback and from that sell sheet when
2:58 you get that market feedback you’ll be
3:01 able to make the changes in the stuff
3:02 and we haven’t had any real money right
3:05 that’s the thing that I really
3:07 want to bring back to focus is because
3:09 it isn’t the poor guy that went out got
3:13 his patent got the Prototype like we
3:16 just discussed this morning that’s been
3:18 thirty five thousand dollars they bring
3:20 it in and it looks it makes you want to
3:22 cry right so here you’re in thirty five
3:24 thousand dollars and more importantly
3:26 like even if it was nice we could have
3:29 found out that the buyer didn’t like it
3:31 or it needed changes or whatever so you
3:33 still spent too much even if it wasn’t
3:35 so we have all seen this we’ve seen the
3:39 guy and Pawan’s probably, you’re
3:42 probably the section that gets it a lot
3:43 because I’ll call you and say okay
3:45 listen can you look at this prototype
3:48 and help me because he’s already spent
3:50 40 000 or 25 000 and you’re like I hate
3:53 to charge him right and then you give me
3:56 drawings like
3:57 how do we protect people what can we
3:59 what do we give them how do we let’s
4:02 talk about it on each topic because I
4:04 think it’s really important because I
4:06 think the ultimate reason I wanted to do
4:07 a podcast was because I got a call for
4:09 somebody who there’s a company out there
4:12 that they’re charging nine thousand
4:14 dollars for a provisional and you guys
4:15 in my world it’s two thousand twenty
4:18 five hundred now I think they have a
4:20 sales pitch that goes with that
4:23 but I just it made my heart hurt so
4:26 let’s talk about patenting really fast
4:28 we know that you like to get an NDA
4:30 that’s pretty easy you get one online
4:32 you can make it personal that you can do
4:34 pretty cheap no money buying one we know
4:36 provisional patents which is what we
4:38 really love they go for about 2 000
4:42 maybe 2500 when you use an attorney you
4:45 guys if you go to the inventors club for
4:47 women you can download
4:49 an ebook on how to write your own and
4:51 you can file it for 65 and that
4:54 provisional patent gives you one year to
4:56 go out and test it into the world so
4:58 just to give you an understanding of
5:00 what that cost is if you went with a
5:02 full utility you’re looking at somewhere
5:04 between 7 and 12 Grand depending upon
5:06 how complicated all right so boom we’ve
5:09 discussed it we understand it right
5:10 that’s where you should be spending so
5:11 if you’ve spent nine on a provisional
5:13 then there’s a problem right does that
5:15 make sense
5:15 but now you’re at that
5:19 prototyping stage I think in that time I
5:22 think you really need to work together
5:23 when you do the patent working with
5:25 together with the product development
5:26 guy because you need those two document
5:30 needs to be go parallel like what are
5:31 you patterning and what you’re
5:33 prototyping it needs to be really
5:35 matched with each other that I agree and
5:37 you’re right we talked about that before
5:39 but how do we look at how to protect
5:41 how do you know I mean how do you know
5:44 when you’re seeking because they’re not
5:47 if they don’t seek you or someone that
5:49 we trust
5:50 how do we know how do we protect them
5:52 yeah so I mean I think especially in
5:54 this right we kind of started off on
5:56 this idea of You’re In Too Deep so it’s
5:58 really more about you know okay if you
6:01 if you’re beyond those steps we’ve
6:03 talked about these before right but
6:05 you’ve already gone in too deep and now
6:07 you’re like okay I’m hearing this I
6:10 realize I’m down the path
6:12 you know I’ve already spent X number of
6:14 thousand dollars and I’m not where I
6:16 need to be like what then right somebody
6:19 I do every day right we hear you hear
6:21 these stories you hear these stories I
6:22 get these stories and it happens in
6:24 product development happens in marketing
6:25 and happens in you know licensing
6:27 everywhere else that people are trying
6:28 to
6:29 you know make progress with
6:31 their idea and they probably you know
6:34 gotten taken advantage of at some point
6:36 or you know maybe just somebody didn’t
6:38 do all the steps for them so they’re
6:40 they’re in a tough place so from a
6:42 prototyping product development
6:44 standpoint what do you do like what are
6:46 some of the things that you can do or
6:48 that they can do
6:50 when they’re in that really okay so
6:52 because you’re saying we can’t really
6:53 protect you now we’re at least in this
6:55 subject we’re trying to say walk you’re
6:57 already in deep how do we help
6:59 bail you out so I know what I would do
7:02 if they came to me and how I would use
7:04 you
7:06 I would because we get that on every
7:08 every case everyone you and I have
7:10 worked with yeah it’s a redo it’s a redo
7:12 it’s a straight out redo so I’m going to
7:14 give you an example of someone that I
7:16 work with without you guys we try really
7:18 hard not to share any information but
7:20 this is a really great story so we have
7:22 someone who spent a lot of money with a
7:26 product developer never got any of the
7:28 things they were promised in their
7:30 contract never got any of it now
7:32 comes to me and it’s like they’ve paid
7:35 for the patent they thought they had the
7:38 right prototyping to match the patent
7:40 and they have a product that I felt like
7:44 was very sellable but there’s also
7:49 there’s a unique partnership that could
7:51 be made and I think you now know who I’m
7:54 talking about yes so there’s a really
7:56 unique partnership where I think
7:59 it would allow for her
8:02 to take all these pieces and present
8:05 to this partner in a way to get some
8:08 funding to start over so I looked at the
8:11 whole thing and so what I had to do was
8:14 I had to say okay the pattern’s awesome
8:16 we know that I sent over what I thought
8:19 was actual documentation with some CAD
8:21 some schematics and you’re like this is
8:23 not bad and so we basically started over
8:27 with a fresh quote on how to do it right
8:29 from the start and then I’ve got some
8:32 buyer feedback that says we like this
8:34 product a lot and then I’m putting a
8:36 package together for an investor now
8:38 because it’s not a straight cold call
8:40 investor it’s someone in a partnership
8:42 that has a lot to gain it’s a win-win
8:44 partnership and so I have always done
8:48 deals like this but because no money no
8:50 money no money no money I got a quote so
8:52 I can get you money and I’ve the patent
8:55 attorney is all taken care of I took my
8:57 time and got marketing feedback so I
8:59 we’re literally fixing it now that’s
9:01 what I think I started wanting to share
9:03 is if you did those Steps From the Start
9:04 you’d have no money no money no money
9:06 but we’re in deep now yeah we’re in deep
9:08 so I think it’s interesting because you
9:10 can
9:11 you can use these same steps no matter
9:13 where you find yourself it’s kind of
9:14 what I’m hearing right because let’s say
9:16 I’ve already spent the twenty thousand
9:18 right and now I need to go and I need to
9:22 make sure that before I go and spend
9:25 another 20 000 in prototyping that I get
9:27 in my market feedback and you’re
9:28 scared you’re hurt you remember to call
9:30 you’re worried how many times have you
9:31 seen and here’s where I think the
9:33 intercept happens right how many times
9:34 have you seen someone’s like well I’m
9:36 already in for 20 I might as well go in
9:38 for 40 and just keep trying and keep
9:40 trying six years later it’s I think
9:42 that’s what a developer will do that
9:43 right and I could be like well I’m sorry
9:45 we fell short let’s give me 20 more
9:47 right yeah and you’re stuck because
9:48 you’re like I’m in so deep do I trust
9:50 them to get us out thinking that you’re
9:52 gonna have to start over at that amount
9:54 but I think that’s what I’ve been come
9:56 on go back to your original question I
9:57 think
9:58 when someone comes to me my first
10:00 question is show me what you have right
10:02 and a little bit take a break
10:04 take a pause let’s evaluate your
10:06 situation where you are what you got
10:09 what are the documentation you have what
10:11 kind of where you are in your
10:12 development or all the documentation and
10:15 then it’s easier for me to get back okay
10:17 saying hey this is what you develop
10:19 whatever it is and in your case like
10:21 when you send me like I told you those
10:22 are just like really I can’t do anything
10:24 with that
10:25 so just looking back and see and then
10:28 give them realistic answer like this is
10:31 what is going to be there this is where
10:32 you are and it’s going to do that I
10:34 think they should listen to that kind of
10:37 feedback they should be open to that
10:38 feedback instead of just spending money
10:40 over yeah and see me maybe there are
10:43 chances that they spend too much money
10:44 and that product may not be there so
10:45 they need to be okay
10:47 okay I’m gonna stop on this one it’s not
10:49 worth it putting more money right
10:51 absolute possibility yeah it’s better
10:52 even if you’re in 20 000 to no then like
10:56 this is never going to solve the problem
10:58 in the market the buyers are not going
11:00 to buy it whatever it’s better to know
11:01 then as opposed to just trying and
11:03 trying and trying until you get up to 60
11:05 or 70 or 80 000 right and how many
11:07 people have walked away at that point so
11:09 it’s an interesting Channel guys and
11:11 that is the reason we created I mean I
11:13 created what we call the need to launch
11:16 system because it is what we keep
11:18 talking about because you’re right it
11:21 and I don’t know totally how to
11:22 explain to you how my head works on that
11:24 when you’re but every product I get
11:27 we’re starting over and so I always
11:29 start over with nobody has any money now
11:32 what the heck can I do and each strategy
11:34 might be a little different but for the
11:36 most part it’s how can I get you back on
11:38 track with some assets right so the
11:40 asset is can I get buyer feedback that’s
11:42 going to love this product because if
11:44 they do we could get a letter of intent
11:45 we can get you an investor so you can go
11:47 back and get him to pay for the
11:48 prototyping right that’s why you give me
11:51 quotes like I got a great guy right now
11:53 that’s paid three times to have it
11:54 prototyped and you just told me I know I
11:57 can do it Luanne for the price you need
11:58 go get them the licensing deal he wants
12:00 because you assured me that when it
12:02 comes time for that company that wants
12:04 it you could show them that we could do
12:06 it
12:06 you know what I’m saying and you guys
12:08 that’s really the best way to kind
12:11 of pull in so
12:13 we talk from our level with
12:15 licensing and prototyping but I know
12:18 that your world is even worse because
12:22 marketing is so the world thinks of it
12:25 as this intangible you know and we get
12:28 that we don’t always know what works but
12:31 you’re the guy getting paid
12:33 yeah to prove that it can work and then
12:35 when it doesn’t like what’s the path is
12:37 there something that that’s such a great
12:38 question and I’ll start with kind of
12:40 like the sort of little instances
12:43 that I see all the time and I get a
12:45 little bit more into the more serious
12:46 ones and what I get a lot is people who
12:50 are like hey I’ve got this thing
12:52 marketing doesn’t work right like oh
12:54 that that’s interesting like why do why
12:56 do you say that and usually it’s because
12:58 you know they got sold something really
13:00 good sales person and they paid money
13:03 for it and they didn’t get the results
13:05 they expected right so they bought like
13:07 their marketing strategy from someone
13:09 whatever it is right and so you know
13:12 and so they come and I ask them okay
13:14 well what did you do what worked what
13:16 didn’t work and they’re like
13:18 because they don’t even understand I
13:20 don’t know
13:21 and what I’ve realized is that many many
13:23 times you know they’re investing
13:26 all this money whatever it is maybe it’s
13:27 a brand a website marketing plan ads and
13:31 a lot of times they have no data to go
13:33 with it right so the company doesn’t
13:35 give them the data right they didn’t
13:37 give them the data or you know
13:40 and that come that comes through in
13:41 many ways but they don’t even know to
13:43 like what did and didn’t work
13:46 because they can’t say oh well we
13:48 measured these things and here’s where
13:49 it fell short right okay so wait a
13:51 minute so let me just understand this
13:52 completely so what you’re saying to me
13:54 is this this company now has this
13:57 product to take to Market they bring on
14:00 a marketing company they sit back and go
14:02 here’s all the money we’ll just pay you
14:03 every month but they don’t ever ask for
14:06 like what’s working what’s not working
14:08 what’s and if they do a lot of times
14:11 they don’t get you know clear specific
14:14 data on here’s here it is let me show
14:17 you the numbers let me walk you through
14:19 it it’s usually like well we tried these
14:20 things we tried those things let’s try
14:22 this which sounds fine especially if
14:25 you’re not a marketing expert you know
14:26 if you’ve not been doing this for years
14:28 you’re like okay logical right it does
14:30 it does sound logical and you buy into
14:32 the person that you bought into but in
14:33 this world don’t we have statistics for
14:35 everything like it’s incredible how much
14:37 data and so I always try to encourage
14:39 people just like you were talking about
14:40 an asset right the patent is an asset
14:42 you know your prototypes all that stuff
14:44 I always encourage people to own their
14:46 data and the accounts right that they
14:48 use so you think about that and it’s
14:50 like it’s social media accounts it’s you
14:52 know your website all the rest and
14:54 there’s always data that you can gather
14:55 and collect the analytics the statistics
14:57 that you’ll know even if you spend
15:00 thirty thousand dollars on an ad
15:02 campaign right you know for sure what
15:05 you did and you can see where things
15:08 fell apart right especially if you’re
15:10 Savvy at understanding you know hey we
15:12 had this many click-throughs but nobody
15:13 purchased or whatever it is that’s a
15:15 very simple example oh my God and and I
15:17 have a company recently that was
15:18 referred to me we got on the phone and
15:22 she said
15:23 I mentioned something about I thought
15:25 it might be a good product for a grandma
15:27 so working with QVC she pulled up that
15:30 data it was awesome she’s like I was on
15:33 Shark Tank and we sold mostly to
15:35 Grandmas 65 and older we just did this
15:38 campaign and she showed it to me which
15:39 was awesome because I took that to QVC
15:41 yeah so I so I can kind of tying that
15:44 into this whole idea of like you’re
15:45 already In Too Deep you already spent
15:46 that money
15:47 I would say if anyone’s trying to
15:49 transition out of that they realize
15:50 they’re like oh no what do I do now make
15:53 sure to ask for that yeah get all that
15:56 information all the statistics make sure
15:57 you have control of your accounts
15:59 because you never know even if you’re
16:00 not proceeding forward right now you
16:02 never know the insights you can get from
16:04 it you never know you know if you talk
16:05 to somebody who’s very good at looking
16:07 at that the kind of things you can learn
16:08 about your product from actual hey we
16:11 tried it in the market here’s what
16:12 worked here’s what didn’t work and now
16:14 we all now know to do that from the
16:16 start absolutely so if you haven’t done this you can do
16:19 it from the start so what happens if
16:20 they’re in the same boat like we are
16:22 with our product developer who took all
16:24 the money and now gives nothing yeah
16:25 what are you saying you just got to cut
16:27 your ties and so here’s what I’ve
16:29 usually done in those situations and it
16:31 usually looks like they come and they’re
16:32 like hey
16:34 I have this it’s not working
16:37 maybe it’s a website maybe it’s a
16:38 marketing plan they spend a lot of money
16:40 on it usually a lot of money and like
16:42 what can I do I don’t have any money you
16:45 know I never have money by the time we
16:47 get them I know and you hate charging
16:50 but you’re like yes we have to I know
16:52 the reality is you know there’s
16:54 a couple paths there if you’ve
16:56 learned enough you’ve gotten Savvy
16:57 enough you can actually execute some of
16:59 your own you know marketing plan right
17:01 taught me that and usually we
17:04 have all those conversations and we
17:06 leave them with hey based on your
17:07 situation here’s the things that you
17:09 could do right now or and you can hire
17:12 someone to do these other elements and
17:14 kind of get back on the right path
17:15 sometimes what that looks like is
17:18 here’s a plan to go to you know these
17:21 kind of networking groups and Industry
17:23 groups and talk to these kind of people
17:25 and see how much traction you can get
17:27 next level is you know organically
17:29 exactly right yeah next level is hey
17:31 your website’s not working real well
17:33 right now but let’s see if you can get
17:34 you this many sales so that it funds
17:37 your improvement you don’t have to redo
17:39 everything at the moment let’s just kind
17:40 of nice help it work down the road and
17:43 then the other one is well we just have
17:45 to hit this really hard and fast you
17:47 know okay well then great let’s
17:48 take what you do have maybe that’s video
17:50 assets maybe that’s photo assets maybe
17:52 that’s a customer list and leverage that
17:55 into something that is working so really
17:57 stepping back and assessing what do you
17:59 have to Pawan’s point and then putting
18:01 together a plan based on where they are
18:03 and the resources that they do want to
18:05 commit or not and just being able to
18:07 take it from there and you do exactly
18:09 what I do I look at it and I go okay
18:11 what do I have for assets what am I
18:13 missing and how do I get that for free
18:15 yeah I mean that’s literally the
18:17 strategy because and you have to let go
18:19 of the bitterness and the anger because
18:21 that is a spot where people get stuck
18:23 and you know then you end up there I’m
18:25 gonna Sue I’m gonna do this and you’re
18:26 like look you’re not going anywhere fast
18:28 we need to like how do we regroup and do
18:31 it
18:32 it’s so heartbreaking like
18:35 you guys showed me the first time I came
18:36 in you took me out and showed me a
18:38 product where the guy went to get a job
18:39 because he just
18:41 didn’t get to use these simple need to
18:44 launch system so that he could answer
18:47 those questions and get to do it and he
18:49 doesn’t get to live his dream so on a
18:52 tip for the day let’s give
18:54 something really good you guys because
18:55 we want to keep you positive yeah
18:57 definitely I think no matter where you
18:59 find yourself
19:00 and you know you need to make a change
19:03 or you you’re starting to worry about
19:05 where you’re at talk to a trusted vetted
19:08 resource right maybe that’s connecting
19:11 with your local incubator and figuring
19:12 out hey who can advise me for 30 minutes
19:14 on this aspect right or maybe that’s you
19:17 know send an email in to us and ask for
19:19 a connection to somebody whoever it be
19:21 but find somebody who you trust is doing
19:24 things the right way for the right
19:25 reasons and get that second set of eyes
19:27 on it nice and also
19:31 remember that you’re running a business
19:32 so as much as we want to put our head
19:34 under the sand because there’s certain
19:35 things I don’t like to know about or do
19:37 but you have to you have to know your
19:39 money you have to know your marketing
19:41 you have to know what’s working for you
19:42 even if you’re not doing it every day
19:44 you still have to get a handle on what
19:45 you’re doing what’s your tip I think my
19:47 tip is be smart and be ready to
19:50 take pause and evaluate the situation
19:53 before you just jump into that when you
19:55 get into the situation we’re too deep
19:57 take a pause don’t you don’t have to rush
20:00 always take a pause evaluate where you
20:02 are they go with the right people and
20:05 see what’s the right step is going to be
20:08 I think that’s very important to be
20:09 successful or running out of the money
20:11 before you get the product it’s kinda like when I talk to you about it. It’s kinda like take a breath. Let’s breathe for a minute
20:21 and realize where you really had it right I mean not to but
20:24 seriously sometimes we get running em up
20:26 and we do we go so fast and we think
20:29 we’re in so deep and we want to get to
20:30 Market that we forget to take that
20:31 breather
20:33 I think my tip for the day is to
20:37 remember like my favorite story is
20:40 Disney I mean you guys he went bankrupt
20:42 what twice
20:44 he’s pulled himself up and I’m
20:46 literally spending a lot of money to
20:49 experience his dream every day and he’s
20:52 it’s been there for a long time so
20:54 you can recover you can go bankrupt and
20:57 start over
20:59 and and hopefully you guys will pay
21:01 attention or you’ll reach out and we’ll
21:03 start learning these really lean steps
21:06 so that you can start over like we have
21:08 to cheap
21:09 I want to end saying
21:12 ask us like we look at it all the time
21:14 like if you want to send something to us
21:17 if you want to I guess if you want to
21:19 email first and we’ll send an NDA and
21:21 then you want us to kind of give you
21:23 some guidance because you’re stuck in
21:24 that position I think we’d all be
21:26 willing to do that and would love to
21:28 because we might be able to look at our
21:29 way that’s really simple steps just like
21:31 we’re doing with my client
21:33 just like you’ve done you’ve done
21:34 this from me actually my daughter and so
21:37 we’d love to do that so go ahead send us
21:39 stuff in if you want us to help and
21:42 just be cautious and do great thanks for
21:45 attending guys I appreciate it thanks
21:47 for letting me come to Disney all right
21:49 thank you